Solana Memecoin Pre-sale Disaster: Over 50% Projects Abandoned Post $25M Raise

By: Isha Das

Investors have suffered massive losses in the past month as over 50% of Solana memecoin pre-sales, which amassed more than $25 million, were deserted. Solana co-founder, Anatoly Yakovenko maintained his adverse outlook on the memecoin trend, discouraging people from investing in memecoin pre-sales.

Out of 22 projects initially launched, 12 has been turned down within one month. Notably, well embraced projects such as LIKE, MOONKE, FROG, TEMPLE, and SORRY, that pooled more than $2 million were amongst the abandoned projects. Other projects raised between the range of $1.4 million and $180,000. A user @Jared_eth, who managed to raise approximately $800,000, didn't even launch a token and later his account was identified as compromised by web3 security platform Pocket Universe.

The memecoin frenzy is now floating to the Coinbase-backed Base blockchain. This transition is noteworthy considering the depreciation in the price of SOL, that plunged significantly since the memecoin buying spree. From a peak of over $200, predominantly inflated by memecoins, the price dropped to $154 with the decreasing interest in memecoins.